Browse content similar to 05/07/2013. Check below for episodes and series from the same categories and more!
Line | From | To | |
---|---|---|---|
in their original graves. Those are the latest headlines from BBC World | :00:03. | :00:13. | |
:00:13. | :00:20. | ||
News. Now for the latest financial news with World Business report. | :00:20. | :00:29. | |
Good news on the economy may mean bad news for the global markets. We | :00:29. | :00:34. | |
brace for the latest jobs in the US. Living on borrowed time again - | :00:34. | :00:37. | |
Greece tries to convince EU and IMF inspectors it deserves more money - | :00:37. | :00:45. | |
amid concerns its reform programme is slipping. Welcome to World | :00:45. | :00:55. | |
:00:55. | :00:56. | ||
Business report. It's a mix lighting snapshot of the world of business. | :00:56. | :01:02. | |
We will talk about Greece and also Samsun with them doing it again but | :01:02. | :01:05. | |
the investors are not happy. We start in the United States where | :01:05. | :01:08. | |
most people were enjoying the 4th of July holiday on Thursday. Markets | :01:08. | :01:14. | |
have been closed as many will be making a long week-end of it. But | :01:14. | :01:17. | |
for Wall Street it's back to action stations this morning. In a few | :01:17. | :01:19. | |
hours time we get official employment figures- the Non-farm | :01:19. | :01:29. | |
:01:29. | :01:31. | ||
Payrolls for June. The figures could not be more important for global | :01:31. | :01:34. | |
markets. They have been on a rollercoaster ride since Federal | :01:35. | :01:37. | |
Reserve chief Ben Bernanke talked last month about winding down his | :01:37. | :01:46. | |
massive stimulus programme as the economy improves. It's 85 billion | :01:47. | :01:53. | |
dollars each month pumping into the economy. So here's the paradox the | :01:53. | :01:57. | |
Fed has to deal with that good news on the economy is seen as bad news | :01:57. | :02:02. | |
by investors. What are we expecting today? Economists think US employers | :02:02. | :02:05. | |
created 165,000 jobs in June, well below the average for the past six | :02:05. | :02:15. | |
:02:15. | :02:16. | ||
months. That may have made a tiny dent in the unemployment rate - | :02:16. | :02:22. | |
which is expected to have crept down to 7.5% from 7.6% in May. Any | :02:22. | :02:24. | |
stronger figures than that and markets could be in for another | :02:24. | :02:34. | |
:02:34. | :02:37. | ||
bumpy ride. Our report from Coney Island, New York. In the United | :02:37. | :02:43. | |
States it is a national holiday and Americans are in good spirits and in | :02:43. | :02:52. | |
New York, they looked relaxed but is popular spot is Coney Island. The | :02:52. | :02:57. | |
recent wild ride on the stock market has not been quite as much fun. | :02:57. | :03:01. | |
Stocks headed downhill after the Federal reserve chairman Ben Bonetti | :03:01. | :03:06. | |
says the Central Bank may stop withdrawing the stimulus support as | :03:06. | :03:13. | |
the economy improves. One week later the stop the stocks shot up and the | :03:13. | :03:20. | |
recovery was weaker than first thought but what is going on? | :03:20. | :03:27. | |
up and down and spinning around. This trader says the end of the | :03:27. | :03:30. | |
cheap money sending financial markets into a tailspin. We have got | :03:30. | :03:35. | |
back on our feet and it's solid underneath but moving forward | :03:35. | :03:40. | |
without government help many people are apprehensive. Cheap money | :03:40. | :03:45. | |
printed by the simple bank has helped the recovery and also made | :03:45. | :03:52. | |
government bonds less profitable pushing capital into risky asset. | :03:52. | :03:57. | |
Getting X at right is important not just for the economy but all | :03:57. | :04:03. | |
avoiding a financial shock and communication is crucial. Not only | :04:03. | :04:10. | |
is the Federal reserve using new policy tools but they are choosing | :04:11. | :04:15. | |
communication as the tool to manage the expect patient. When you try to | :04:15. | :04:23. | |
manage that you can get it wrong. Americans tried to escape the stress | :04:23. | :04:26. | |
but not everyone will get a break and one of the conditions the | :04:26. | :04:30. | |
Federal reserve will set by slowing the stimulus is the employment | :04:30. | :04:36. | |
picture needs to improve and while Americans relax this weekend, the | :04:36. | :04:41. | |
investors and the central bankers will be monitoring the jobs figures | :04:41. | :04:51. | |
:04:51. | :04:51. | ||
on Friday very closely. I love Coney Island. We will keep a look on those | :04:51. | :04:55. | |
numbers. When are record profits simply not good enough? That seems | :04:55. | :05:00. | |
to be the problem for South Korean electronics giant Samsung. In the | :05:00. | :05:03. | |
last few hours it has released estimated earnings for the April to | :05:03. | :05:10. | |
June period ahead of full quarterly earnings in a couple of weeks. It | :05:10. | :05:13. | |
said it made an operating profit of $8.3 billion in the last three | :05:13. | :05:18. | |
months. That was up 47% on the same period last year and a record figure | :05:19. | :05:28. | |
:05:29. | :05:29. | ||
for the company. This is the thing! It's been boosted by sales of its | :05:29. | :05:32. | |
new Galaxy S4 smartphone - and they are expected to keep rising over the | :05:32. | :05:35. | |
next few months. But investors are not happy. Today's numbers were | :05:35. | :05:45. | |
:05:45. | :05:51. | ||
below market expectations. Let's get the latest from Sharanjit Leyl who | :05:51. | :05:54. | |
has been following this story from our Singapore office. There's more | :05:54. | :06:00. | |
pressure on Samsung shares then? They are bit of their own success? | :06:00. | :06:06. | |
You hit the nail on the head. The share price has dipped today down 3% | :06:06. | :06:11. | |
after that profit and the shares dropped 15% since July futures | :06:11. | :06:18. | |
certain brokerages down grading the brokerage figures. The biggest TV | :06:18. | :06:22. | |
maker and mobile phone maker eggs they will be slowing down despite | :06:22. | :06:28. | |
the new models and this slowdown appears to be worse than expect and | :06:28. | :06:33. | |
Robert guidance reinforces that with Samsun smart phone growth beginning | :06:33. | :06:40. | |
to slow down. It has enjoyed tremendous success recently. The | :06:40. | :06:46. | |
popularity of the galaxy range saw it overtake the other phone makers | :06:46. | :06:53. | |
but according to research firm 's Samsun accounts for about 95% of the | :06:53. | :06:58. | |
Android profits and that comes to a downside because they have grown so | :06:58. | :07:05. | |
fast or growth slowing and that trend may hurt their profits. We saw | :07:05. | :07:10. | |
earlier the south Korean investment has cut forecasts for that | :07:10. | :07:14. | |
technology giant and there's been similar moves from other companies | :07:14. | :07:19. | |
as well with concerns triggered by the launch of new products from | :07:19. | :07:27. | |
rivals in China and elsewhere. Chinese products are giving a lot of | :07:27. | :07:30. | |
the big companies a run for their money and we will talk to you again | :07:30. | :07:34. | |
soon. Now to Greece, where austerity policies are certainly very painful | :07:34. | :07:37. | |
and deeply unpopular, but are they going far enough? That's a question | :07:37. | :07:39. | |
officials from the EU, European Central Bank and International | :07:39. | :07:44. | |
Monetary Fund - the Troika - are asking today. They are in Athens to | :07:44. | :07:46. | |
decide whether Greece has done enough to qualify for the next | :07:46. | :07:50. | |
tranche of money - eight billion euros - ahead of a decision by | :07:50. | :08:00. | |
:08:00. | :08:06. | ||
eurozone finance ministers on Monday. They are concerned about the | :08:06. | :08:09. | |
slow pace of reforms to the public sector - including cutting some | :08:09. | :08:15. | |
15,000 jobs. Greece warns it won't meet targets by a deadline set for | :08:15. | :08:21. | |
today. Plans to sell off state assets to raise cash, including the | :08:21. | :08:25. | |
national lottery, have also been going very slowly. This report from | :08:25. | :08:33. | |
Athens. The State lottery is not taking bets on whether they will get | :08:33. | :08:40. | |
the reassurances they seek keep their bail-out cash flowing. It's | :08:40. | :08:43. | |
not just setbacks for privatisations such as this lottery but the | :08:43. | :08:49. | |
Government has a few hours to deliver its promise to get rid of | :08:49. | :08:52. | |
thousands of civil servants. International lenders and desperate | :08:52. | :08:57. | |
to see savings taking off. You'd be hard pressed to find anywhere to | :08:57. | :09:04. | |
better illustrate the inability to move on and to reinvigorate and to | :09:04. | :09:09. | |
try to make some of its assets. This airport was abandoned at a time of | :09:09. | :09:14. | |
the Olympic Games ten years ago when the airport moved out of town and | :09:14. | :09:19. | |
the site has been left which is three times the size of Monte Carlo | :09:19. | :09:24. | |
and it is up for sale and the hope is to bring in billions of dollars | :09:24. | :09:28. | |
from one of the latest privatisation and this project has hit major | :09:28. | :09:35. | |
delays. There can only be positive thing. The new chief leading the | :09:35. | :09:41. | |
seller insist the lottery is a change and that Greeks will come to | :09:41. | :09:46. | |
understand that job losses now are for the best. I think finally we | :09:46. | :09:50. | |
will have a happy and but unfortunately in Greece sometimes it | :09:50. | :09:56. | |
takes longer and needs a bit more effort to put things and track and | :09:56. | :10:02. | |
to see a result. The has shrunk dramatically over four years and in | :10:02. | :10:09. | |
addition the income from the people, nobody 's dream is trying to | :10:09. | :10:14. | |
be employed in but that been a dream for over 40 years but it might they | :10:14. | :10:19. | |
are today. For many, this is the latest in a long line of weary | :10:19. | :10:24. | |
manoeuvres to keep the country afloat and in Greece personal | :10:24. | :10:30. | |
economic survival which is now paramount. We will keep close to | :10:30. | :10:40. | |
:10:40. | :10:41. | ||
that. A quick look at the markets. There's been a rally in Europe. | :10:41. | :10:44. | |
Asian markets followed the rally on European markets after yesterday. | :10:44. | :10:46. | |
The eurozone and British central banks signalled that easy-money | :10:46. | :10:48. |